5844 Washburn Ave S
Duplex · 2 units: 3 bed / 1 bath ×2 unit split estimated · 2,142 sq ft
Minneapolis, MN · Armatage · View the listing ↗
Photos courtesy of RE/MAX ADVANTAGE PLUS, via Realtor.com.
- Asking price
- $480,000 2 units · $240K per unit
- Monthly cash flow
- $10 at 20% down, 7%
- Estimated rent
- $4,600/mo medium confidence
- Break-even price
- $481,954 where cash flow hits $0
First look
This is a 3-bed/1-bath up/down in Minneapolis, asked at $480K. It sold for $426K in March 2025, and the seller now wants $54K more after 198 days on market. Our underwriting at the ask with 20% down comes to about $10 a month in cash flow and a 6.4% cap rate, so it only works at the current price if rents hit our mid estimate of $2,300 per unit. No rent is stated for the occupied lower unit, so get the rent roll first. Photos show fresh, clean interiors, so the main checks are the 1961 building's systems and what the lower tenant actually pays. Worth a showing only if the price comes down meaningfully.
Things to consider
- Price versus numbers Cash flow is about $10 a month at ask, so there is no cushion for vacancy or repairs. A lower price is needed to make it work.
- Tenant income is unverified The lower unit's rent is not stated and the tenant can leave on 60 days' notice. Your income and the turnover timing depend on it.Listing says: “currently rented on a month-to-month basis (60-day notice required)”
- Seller's recent purchase A $54K markup in about 18 months suggests the seller is pricing in the updates. Compare it to the county value.
- Updates reduce near-term capex A 2021 roof, new furnaces and upgraded panels lower the repair reserve you need. Verify permits and ages.Listing says: “a new roof in 2021”
- Taxes are at the non-homestead rate Investor tax is about $8.3K a year, a big cost against a $480K price. Check whether it will rise with a new sale.
From the photos
Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.
Condition and repairs
- doneNew roofListing says: a new roof in 2021
- doneNew furnacesListing says: including new furnaces, exterior improvements, and a new roof in 2021
- doneUpgraded electrical panelsListing says: upgraded electrical panels, central A/C added to both units
- doneCentral A/C added to both unitsListing says: central A/C added to both units
- doneRefinished hardwood floors, new carpet, fresh paintListing says: refinished hardwood floors, new carpet, fresh paint in the common areas and upper unit
- doneRefinished cast iron tubs and updated windowsListing says: refinished cast iron tubs, updated windows, and more
AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.
The numbers
Edit rents, costs and assumptions
Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).
The deal
- Price
- $480,000
- Cash to close
- $62,400
- Price per unit
- $240,000
- GRM
- 8.7
Each month
- Cash flow
- −$579/mo
- Cash-on-cash
- −11.1%
- Cap rate
- 6.4%
- DSCR
- 0.82×
Break-even
- Price that breaks even
- $391,614
- Rent that breaks even
- $5,324/mo
Long run
- Year 30: property vs stocks
- $1.79M vs $623K
- Cash flow turns positive
- year 6
The deal
- Price
- $480,000
- Cash to close
- $62,400
- Price per unit
- $240,000
- GRM
- 8.7
Each month
- Cash flow
- −$968/mo
- Cash-on-cash
- −18.6%
- Cap rate
- 5.4%
- DSCR
- 0.69×
Break-even
- Price that breaks even
- $332,203
- Rent that breaks even
- $5,953/mo
Long run
- Year 30: property vs stocks
- $1.41M vs $846K
- Cash flow turns positive
- year 12
The deal
- Price
- $470,000
- Cash to close
- $61,100
- Price per unit
- $235,000
- GRM
- 8.5
Each month
- Cash flow
- −$513/mo
- Cash-on-cash
- −10.1%
- Cap rate
- 6.5%
- DSCR
- 0.83×
Break-even
- Price that breaks even
- $391,614
- Rent that breaks even
- $5,242/mo
Long run
- Year 30: property vs stocks
- $1.82M vs $592K
- Cash flow turns positive
- year 5
The deal
- Price
- $470,000
- Cash to close
- $61,100
- Price per unit
- $235,000
- GRM
- 8.5
Each month
- Cash flow
- −$903/mo
- Cash-on-cash
- −17.7%
- Cap rate
- 5.6%
- DSCR
- 0.71×
Break-even
- Price that breaks even
- $332,203
- Rent that breaks even
- $5,862/mo
Long run
- Year 30: property vs stocks
- $1.41M vs $795K
- Cash flow turns positive
- year 11
The deal
- Price
- $480,000
- Cash to close
- $110,400
- Price per unit
- $240,000
- GRM
- 8.7
Each month
- Cash flow
- $10/mo
- Cash-on-cash
- 0.1%
- Cap rate
- 6.4%
- DSCR
- 1.00×
Break-even
- Price that breaks even
- $481,954
- Rent that breaks even
- $4,587/mo
Long run
- Year 30: property vs stocks
- $2.09M vs $840K
- Cash flow turns positive
- year 1
The deal
- Price
- $480,000
- Cash to close
- $110,400
- Price per unit
- $240,000
- GRM
- 8.7
Each month
- Cash flow
- −$379/mo
- Cash-on-cash
- −4.1%
- Cap rate
- 5.4%
- DSCR
- 0.85×
Break-even
- Price that breaks even
- $408,837
- Rent that breaks even
- $5,129/mo
Long run
- Year 30: property vs stocks
- $1.58M vs $943K
- Cash flow turns positive
- year 7
The deal
- Price
- $470,000
- Cash to close
- $108,100
- Price per unit
- $235,000
- GRM
- 8.5
Each month
- Cash flow
- $64/mo
- Cash-on-cash
- 0.7%
- Cap rate
- 6.5%
- DSCR
- 1.03×
Break-even
- Price that breaks even
- $481,954
- Rent that breaks even
- $4,520/mo
Long run
- Year 30: property vs stocks
- $2.12M vs $823K
- Cash flow turns positive
- year 1
The deal
- Price
- $470,000
- Cash to close
- $108,100
- Price per unit
- $235,000
- GRM
- 8.5
Each month
- Cash flow
- −$326/mo
- Cash-on-cash
- −3.6%
- Cap rate
- 5.6%
- DSCR
- 0.87×
Break-even
- Price that breaks even
- $408,837
- Rent that breaks even
- $5,055/mo
Long run
- Year 30: property vs stocks
- $1.60M vs $903K
- Cash flow turns positive
- year 7
The deal
- Price
- $480,000
- Cash to close
- $134,400
- Price per unit
- $240,000
- GRM
- 8.7
Each month
- Cash flow
- $170/mo
- Cash-on-cash
- 1.5%
- Cap rate
- 6.4%
- DSCR
- 1.07×
Break-even
- Price that breaks even
- $514,084
- Rent that breaks even
- $4,387/mo
Long run
- Year 30: property vs stocks
- $2.27M vs $1.02M
- Cash flow turns positive
- year 1
The deal
- Price
- $480,000
- Cash to close
- $134,400
- Price per unit
- $240,000
- GRM
- 8.7
Each month
- Cash flow
- −$219/mo
- Cash-on-cash
- −2.0%
- Cap rate
- 5.4%
- DSCR
- 0.91×
Break-even
- Price that breaks even
- $436,093
- Rent that breaks even
- $4,906/mo
Long run
- Year 30: property vs stocks
- $1.70M vs $1.06M
- Cash flow turns positive
- year 5
The deal
- Price
- $470,000
- Cash to close
- $131,600
- Price per unit
- $235,000
- GRM
- 8.5
Each month
- Cash flow
- $220/mo
- Cash-on-cash
- 2.0%
- Cap rate
- 6.5%
- DSCR
- 1.09×
Break-even
- Price that breaks even
- $514,084
- Rent that breaks even
- $4,325/mo
Long run
- Year 30: property vs stocks
- $2.30M vs $1.00M
- Cash flow turns positive
- year 1
The deal
- Price
- $470,000
- Cash to close
- $131,600
- Price per unit
- $235,000
- GRM
- 8.5
Each month
- Cash flow
- −$169/mo
- Cash-on-cash
- −1.5%
- Cap rate
- 5.6%
- DSCR
- 0.93×
Break-even
- Price that breaks even
- $436,093
- Rent that breaks even
- $4,836/mo
Long run
- Year 30: property vs stocks
- $1.72M vs $1.03M
- Cash flow turns positive
- year 4
Monthly
Monthly breakdown
| Rent | $4,600 |
| Vacancy (6%) | −$276 |
| Collected | $4,324 |
| Property tax Public record | −$690 |
| Insurance Estimate | −$195 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$322 |
| Capital reserve (7% of rent) | −$322 |
| Net operating income | $2,565 |
| Mortgage (principal + interest) | −$2,874 |
| PMI | −$270 |
| Cash flow | −$579 |
| Principal paid down (equity, not cash) | $366 |
| Rent | $4,600 |
| Vacancy (6%) | −$276 |
| Collected | $4,324 |
| Property tax Public record | −$690 |
| Insurance Estimate | −$195 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$322 |
| Capital reserve (7% of rent) | −$322 |
| Property management | −$389 |
| Net operating income | $2,176 |
| Mortgage (principal + interest) | −$2,874 |
| PMI | −$270 |
| Cash flow | −$968 |
| Principal paid down (equity, not cash) | $366 |
| Rent | $4,600 |
| Vacancy (6%) | −$276 |
| Collected | $4,324 |
| Property tax Public record | −$690 |
| Insurance Estimate | −$195 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$322 |
| Capital reserve (7% of rent) | −$322 |
| Net operating income | $2,565 |
| Mortgage (principal + interest) | −$2,814 |
| PMI | −$264 |
| Cash flow | −$513 |
| Principal paid down (equity, not cash) | $358 |
| Rent | $4,600 |
| Vacancy (6%) | −$276 |
| Collected | $4,324 |
| Property tax Public record | −$690 |
| Insurance Estimate | −$195 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$322 |
| Capital reserve (7% of rent) | −$322 |
| Property management | −$389 |
| Net operating income | $2,176 |
| Mortgage (principal + interest) | −$2,814 |
| PMI | −$264 |
| Cash flow | −$903 |
| Principal paid down (equity, not cash) | $358 |
| Rent | $4,600 |
| Vacancy (6%) | −$276 |
| Collected | $4,324 |
| Property tax Public record | −$690 |
| Insurance Estimate | −$195 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$322 |
| Capital reserve (7% of rent) | −$322 |
| Net operating income | $2,565 |
| Mortgage (principal + interest) | −$2,555 |
| Cash flow | $10 |
| Principal paid down (equity, not cash) | $325 |
| Rent | $4,600 |
| Vacancy (6%) | −$276 |
| Collected | $4,324 |
| Property tax Public record | −$690 |
| Insurance Estimate | −$195 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$322 |
| Capital reserve (7% of rent) | −$322 |
| Property management | −$389 |
| Net operating income | $2,176 |
| Mortgage (principal + interest) | −$2,555 |
| Cash flow | −$379 |
| Principal paid down (equity, not cash) | $325 |
| Rent | $4,600 |
| Vacancy (6%) | −$276 |
| Collected | $4,324 |
| Property tax Public record | −$690 |
| Insurance Estimate | −$195 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$322 |
| Capital reserve (7% of rent) | −$322 |
| Net operating income | $2,565 |
| Mortgage (principal + interest) | −$2,502 |
| Cash flow | $64 |
| Principal paid down (equity, not cash) | $318 |
| Rent | $4,600 |
| Vacancy (6%) | −$276 |
| Collected | $4,324 |
| Property tax Public record | −$690 |
| Insurance Estimate | −$195 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$322 |
| Capital reserve (7% of rent) | −$322 |
| Property management | −$389 |
| Net operating income | $2,176 |
| Mortgage (principal + interest) | −$2,502 |
| Cash flow | −$326 |
| Principal paid down (equity, not cash) | $318 |
| Rent | $4,600 |
| Vacancy (6%) | −$276 |
| Collected | $4,324 |
| Property tax Public record | −$690 |
| Insurance Estimate | −$195 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$322 |
| Capital reserve (7% of rent) | −$322 |
| Net operating income | $2,565 |
| Mortgage (principal + interest) | −$2,395 |
| Cash flow | $170 |
| Principal paid down (equity, not cash) | $305 |
| Rent | $4,600 |
| Vacancy (6%) | −$276 |
| Collected | $4,324 |
| Property tax Public record | −$690 |
| Insurance Estimate | −$195 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$322 |
| Capital reserve (7% of rent) | −$322 |
| Property management | −$389 |
| Net operating income | $2,176 |
| Mortgage (principal + interest) | −$2,395 |
| Cash flow | −$219 |
| Principal paid down (equity, not cash) | $305 |
| Rent | $4,600 |
| Vacancy (6%) | −$276 |
| Collected | $4,324 |
| Property tax Public record | −$690 |
| Insurance Estimate | −$195 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$322 |
| Capital reserve (7% of rent) | −$322 |
| Net operating income | $2,565 |
| Mortgage (principal + interest) | −$2,345 |
| Cash flow | $220 |
| Principal paid down (equity, not cash) | $298 |
| Rent | $4,600 |
| Vacancy (6%) | −$276 |
| Collected | $4,324 |
| Property tax Public record | −$690 |
| Insurance Estimate | −$195 |
| Water, sewer, trash Estimate | −$170 |
| Lawn care ($120 × 6 mo ÷ 12) | −$60 |
| Repairs (7% of rent) | −$322 |
| Capital reserve (7% of rent) | −$322 |
| Property management | −$389 |
| Net operating income | $2,176 |
| Mortgage (principal + interest) | −$2,345 |
| Cash flow | −$169 |
| Principal paid down (equity, not cash) | $298 |
Cash flow each year
Rents +3%/yr, costs +3.5%/yr. Red bars are months you'd cover out of pocket.
30 years
How those totals add up
- Your equity when you sell
- $1,095,181
- Rental profits, invested at 7%
- $694,078
Sells for $1,165,086 (value up 3% a year), minus 6% selling cost ($69,905). Rent paid down $432,000 of loan.
$385,375 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $475,005
- Monthly shortfalls, invested
- $148,065
$62,400 put into an index fund instead of the down payment and closing costs.
$22,694 you'd have paid in while the building lost money, invested instead.
The building comes out $1,166,190 ahead after 30 years.
- Your equity when you sell
- $1,095,181
- Rental profits, invested at 7%
- $311,466
Sells for $1,165,086 (value up 3% a year), minus 6% selling cost ($69,905). Rent paid down $432,000 of loan.
$202,883 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $475,005
- Monthly shortfalls, invested
- $370,791
$62,400 put into an index fund instead of the down payment and closing costs.
$62,376 you'd have paid in while the building lost money, invested instead.
The building comes out $560,852 ahead after 30 years.
- Your equity when you sell
- $1,072,364
- Rental profits, invested at 7%
- $742,672
Sells for $1,140,813 (value up 3% a year), minus 6% selling cost ($68,449). Rent paid down $423,000 of loan.
$403,918 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $465,109
- Monthly shortfalls, invested
- $127,046
$61,100 put into an index fund instead of the down payment and closing costs.
$19,412 you'd have paid in while the building lost money, invested instead.
The building comes out $1,222,882 ahead after 30 years.
- Your equity when you sell
- $1,072,364
- Rental profits, invested at 7%
- $339,877
Sells for $1,140,813 (value up 3% a year), minus 6% selling cost ($68,449). Rent paid down $423,000 of loan.
$216,964 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $465,109
- Monthly shortfalls, invested
- $329,589
$61,100 put into an index fund instead of the down payment and closing costs.
$54,631 you'd have paid in while the building lost money, invested instead.
The building comes out $617,544 ahead after 30 years.
- Your equity when you sell
- $1,095,181
- Rental profits, invested at 7%
- $991,541
Sells for $1,165,086 (value up 3% a year), minus 6% selling cost ($69,905). Rent paid down $384,000 of loan.
$490,605 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $840,393
$110,400 put into an index fund instead of the down payment and closing costs.
The building comes out $1,246,329 ahead after 30 years.
- Your equity when you sell
- $1,095,181
- Rental profits, invested at 7%
- $489,157
Sells for $1,165,086 (value up 3% a year), minus 6% selling cost ($69,905). Rent paid down $384,000 of loan.
$284,565 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $840,393
- Monthly shortfalls, invested
- $102,953
$110,400 put into an index fund instead of the down payment and closing costs.
$16,133 you'd have paid in while the building lost money, invested instead.
The building comes out $640,992 ahead after 30 years.
- Your equity when you sell
- $1,072,364
- Rental profits, invested at 7%
- $1,051,873
Sells for $1,140,813 (value up 3% a year), minus 6% selling cost ($68,449). Rent paid down $376,000 of loan.
$509,766 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $822,885
$108,100 put into an index fund instead of the down payment and closing costs.
The building comes out $1,301,352 ahead after 30 years.
- Your equity when you sell
- $1,072,364
- Rental profits, invested at 7%
- $526,314
Sells for $1,140,813 (value up 3% a year), minus 6% selling cost ($68,449). Rent paid down $376,000 of loan.
$299,893 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $822,885
- Monthly shortfalls, invested
- $79,779
$108,100 put into an index fund instead of the down payment and closing costs.
$12,301 you'd have paid in while the building lost money, invested instead.
The building comes out $696,015 ahead after 30 years.
- Your equity when you sell
- $1,095,181
- Rental profits, invested at 7%
- $1,172,535
Sells for $1,165,086 (value up 3% a year), minus 6% selling cost ($69,905). Rent paid down $360,000 of loan.
$548,087 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,023,087
$134,400 put into an index fund instead of the down payment and closing costs.
The building comes out $1,244,629 ahead after 30 years.
- Your equity when you sell
- $1,095,181
- Rental profits, invested at 7%
- $608,380
Sells for $1,165,086 (value up 3% a year), minus 6% selling cost ($69,905). Rent paid down $360,000 of loan.
$332,054 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,023,087
- Monthly shortfalls, invested
- $41,182
$134,400 put into an index fund instead of the down payment and closing costs.
$6,140 you'd have paid in while the building lost money, invested instead.
The building comes out $639,291 ahead after 30 years.
- Your equity when you sell
- $1,072,364
- Rental profits, invested at 7%
- $1,229,096
Sells for $1,140,813 (value up 3% a year), minus 6% selling cost ($68,449). Rent paid down $352,500 of loan.
$566,050 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,001,773
$131,600 put into an index fund instead of the down payment and closing costs.
The building comes out $1,299,687 ahead after 30 years.
- Your equity when you sell
- $1,072,364
- Rental profits, invested at 7%
- $650,530
Sells for $1,140,813 (value up 3% a year), minus 6% selling cost ($68,449). Rent paid down $352,500 of loan.
$347,799 of cash flow over 30 years, plus what it earned invested.
- Cash to close, invested at 7%
- $1,001,773
- Monthly shortfalls, invested
- $26,772
$131,600 put into an index fund instead of the down payment and closing costs.
$3,922 you'd have paid in while the building lost money, invested instead.
The building comes out $694,350 ahead after 30 years.
Future dollars. At 3% inflation, divide year-30 figures by about 2.4 for today's buying power. Rental profits are assumed invested, not spent.
30 years: this property vs. the same money in stocks
Year 30 (loan paid off): property $1.79M, stocks $623K. The property wins.
Year 30 (loan paid off): property $1.41M, stocks $846K. The property wins.
Year 30 (loan paid off): property $1.82M, stocks $592K. The property wins.
Year 30 (loan paid off): property $1.41M, stocks $795K. The property wins.
Year 30 (loan paid off): property $2.09M, stocks $840K. The property wins.
Year 30 (loan paid off): property $1.58M, stocks $943K. The property wins.
Year 30 (loan paid off): property $2.12M, stocks $823K. The property wins.
Year 30 (loan paid off): property $1.60M, stocks $903K. The property wins.
Year 30 (loan paid off): property $2.27M, stocks $1.02M. The property wins.
Year 30 (loan paid off): property $1.70M, stocks $1.06M. The property wins.
Year 30 (loan paid off): property $2.30M, stocks $1.00M. The property wins.
Year 30 (loan paid off): property $1.72M, stocks $1.03M. The property wins.
Comparable rentals
Nearby rentals RentCast matched to each unit type, as of 2026-10-05. The estimate above is RentCast's, weighted toward the closest matches.
3 bed / 1 bath estimate $2,300/mo · range $1,875–$2,700
| Address | Rent | Bd / Ba | Distance | Match |
|---|---|---|---|---|
| 4433 Vincent Ave S, Unit 2, Minneapolis 55410 off market | $2,950 | 3 / 1 | 1.8 mi | 93% |
| 5846 Washburn Ave S, Unit Upper, Minneapolis 55410 off market | $1,700 | 3 / 1 | 0.0 mi | 93% |
| 3613 W 54th St, Edina 55410 off market | $2,200 | 3 / 1.5 | 0.7 mi | 90% |
| 6317 Xerxes Ave S, Richfield 55423 off market | $2,225 | 3 / 2 | 0.6 mi | 90% |
| 5331 Penn Ave S, Minneapolis 55419 off market | $1,850 | 3 / 1 | 0.8 mi | 89% |
| 5932 Washburn Ave S, Unit 1, Minneapolis 55410 off market | $1,695 | 3 / 1 | 0.1 mi | 88% |
| 59064 Washburn Ave S, Unit 5906, Minneapolis 55410 off market | $1,790 | 3 / 1 | 0.8 mi | 87% |
| 4957 Abbott Ave S, Minneapolis 55410 off market | $2,500 | 2 / 1 | 1.1 mi | 87% |
| 4705 France Ave S, Minneapolis 55410 off market | $2,800 | 3 / 2 | 1.5 mi | 87% |
| 4225 Valley View Rd, Edina 55424 | $2,350 | 3 / 2 | 1.0 mi | 87% |
On the maps, this property and comparable rentals. Comparable rentals and rent estimate: RentCast. Rents are asking rents from listings; check them against the actual leases.
Red flags and opportunities
Watch for
- highAsking price is $54K above the March 2025 purchase price, and the numbers barely break even at ask. Based on: data: county.last_sale_price · AI review
- mediumLower tenant is on a month-to-month lease with no stated rent, so income is unverified. Listing says: currently rented on a month-to-month basis (60-day notice required) · AI review
- lowMonth-to-month tenants can leave quickly. Count on turnover soon after closing. Listing says: "The lower-level unit is currently rented on a month-to-month basis (60-day notice required), providing immediate rental income"
- lowUpper unit is vacant, so you carry vacancy and lease-up cost at closing. Listing says: the upper-level unit is vacant and move-in or rent-ready · AI review
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 198 days on market
- Minneapolis has no rent cap, so rents can follow the market after lease-up. Based on: data: underwriting.rent_rule · AI review
- Updated systems and finishes mean low near-term capex. Owner-occupying one unit is also an option. Listing says: offset your mortgage by living in one unit and renting the other · AI review
- Nearly 200 days on market supports a lower offer. Based on: data: listing.days_on_market · AI review
Questions for the agent
- What does the lower tenant pay, when did the lease start, and is there a rent roll with deposit?
- Who pays heat, electric and water in each unit, and are the meters separate?
- Why did the seller sell in 2025 and why is it still listed after 198 days?
- Do you have permits for the electrical panel, furnace, and A/C work, and what ages are the water heaters?
- What is the realistic rent for the vacant upper unit, and any showings or applications so far?
- Has the price been cut, and will the seller consider concessions?
Bottom line
A clean, updated 3/3 duplex, but at $480K it only breaks even, so it needs a real price cut or rents at the top of our range. AI-assisted summary
What the records say
Where each number comes from
| Property tax / yr Public recordHennepin County record, current payable year (non-homestead) | $8,283 |
| Insurance / yr Estimateestimate. from units, square feet and age; get a quote | $2,336 |
| Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid | $170 |
| Heat / mo Assumptionassumption. tenants pay heat; confirm with the agent | $0 |
| Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal | $60 |
| Repairs / capital reserve Rulerule. "fully updated" in the description: -1 pts each | 7% / 7% |
Price history Realtor.com
On the market since 2026-03-21 (198 days); down $50,000 (9.4%) from the first ask of $530,000; last sold for $426,000 on 2025-03-06; listed for rent at $1,876/mo on 2025-07-31.
| Date | Event | Price |
|---|---|---|
| Price changed | $480,000 | |
| Price changed | $495,000 | |
| Price changed | $499,000 | |
| Price changed | $515,000 | |
| Price changed | $520,000 | |
| Listed | $530,000 | |
| Removed | — | |
| Removed | — | |
| Rent changed | $1,876/mo | |
| Listed for rent | $1,875/mo | |
| Listed for rent | $1,875/mo | |
| Removed | — | |
| Listed for rent | $1,995/mo | |
| Sold | $426,000 | |
| Listed | $399,900 | |
| Sold public record | $299,000 | |
| Sold public record | $301,000 | |
| Sold public record | $244,782 | |
| Sold public record | $104,000 | |
| Sold public record | $90,000 |
County record Public record
| Recorded as | duplex |
| Living units | 2 |
| Year built | 1961 |
| Market value (2026) | $437,800 |
| Property tax | $8,283 |
| Special assessments | none |
| Homestead | no |
| Last sale | 2025-03-01 · $426,000 |
Source: Hennepin County parcel records.
City rental license
CHOWN: 2 unit(s), Tier 1, status active, renews 2027-03-01.
Nearest highway
MN 62, about 644 m away.
Crime in Armatage
44 incidents in the last 12 months (8 per 1,000 residents), −41% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).